Hamilton hails Silverstone deal

McLaren driver Lewis Hamilton has reacted with delight to the news the British Grand Prix has been saved and will be staged at its traditional home at Silverstone for the next 17 years.

Silverstone agrees Grand Prix deal

• Ecclestone and Silverstone reach landmark agreement• Formula One's oldest race saved from extinctionThe British grand prix has been saved following a new deal agreed between Silverstone and the Formula One commercial rights holder Bernie Ecclestone.The news was confirmed today by Silverstone Circuits Limited, with the contract to run for the next 17 years.It ensures that the oldest race on the Formula One calendar retains its place in motor sport history, with Silverstone able to step into the breach following Donington Park's failure to meet its obligations.Damon Hill, the president of the British Racing Drivers' Club which owns the circuit, said: "It is not easy to enter into a contract of this magnitude and you have to take on a lot of responsibility, but the BRDC wanted this relationship to continue."Everyone was well aware that the British GP is not just a sporting event, but it is the dynamo of the industry in this country. Losing it would have been damaging and perhaps there would have been no coming back."The title of Silverstone as home of motor sport has come true. It is a place for all motor sport. Everyone in the BRDC loves motor sport and we are looking forward to the MotoGP as well as the British grand prix. We're also looking forward to the bike grand prix [MotoGP], on top of the British grand prix."Hill added: "It's not easy to enter into an agreement of this magnitude. It's a big commitment. But the BRDC felt we wanted this relationship to continue, and we were prepared to back the negotiating team, with the level of risk satisfactory for the deal to go ahead."Hill said the new pit and paddock work will begin after Christmas and it is hoped it will be finished for the 2011 race.Silverstone's managing director Richard Phillips said: "We've always had five-year deals and never been able to get the investment we needed to redevelop. But 17 years gives us the ability to invest and move forward."We've always had the belief the British grand prix was an important cornerstone of Formula One but, with Bernie, you're never quite sure."At the end of the day, though, you have to have a British grand prix. We've now got to sell a lot of tickets, to get out there and do similar sorts of numbers as we did this year when we had 230,000 people there over the three days, and promote the event."Phillips described the deal as "peace in our time" between the circuit's owners, the British Racing Drivers Club, and Ecclestone. "The relationship with Formula One Management has been improving," added Phillips. "There's a good working relationship with him now and we don't have any issues."Concerns had initially been raised with regards to the terms of the contract as it was understood Ecclestone was looking for a seven per cent annual increase on an initial £12million starting fee. But Silverstone Circuits Ltd and the BRDC are adamant they have not agreed a deal that would ultimately bankrupt the track.Phillips remarked: "The details have been much better negotiated than previously. This one is well thought through."SilverstoneBritish grand prixFormula OneMotor sportguardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds

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